According to a new report published by Allied Market Research, titled, "Vinyl Flooring Market by Product and End-user Industry: Global Opportunity Analysis and Industry Forecast, 20172023". The global vinyl flooring market was valued at $20,194.76 million in 2016, and is projected to reach $48,471.15 million by 2023, registering a CAGR of 13.3% from 2017 to 2023. In 2016, the vinyl sheet & composite vinyl tile segment accounted for more than half of the global market share in terms of value.
(Vinyl flooring is a
new type of resilient and robust flooring used in various residential and
commercial buildings such as homes, offices, hotels, and others. It is produced
by heating polyvinyl chloride (PVC) resin with plasticizers to give
flexibility, with pigments to provide color, with stabilizers to ensure
stability to heat and light, and with mineral fillers to improve the properties
and reduce the cost. It is supplied in either form of luxury vinyl tiles and
vinyl sheets & composite floor tile. Durability, low cost, and ease of
maintenance has made it the perfect flooring solution over other traditional
modes of flooring, such as wood, concrete, ceramic, and marble.
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Superior properties of
vinyl flooring such as water-resistant nature, ease of cleaning, and ability to
improve indoor air quality increase its demand in construction of health care
and educational infrastructures. Moreover, manufacturers are introducing
innovative graphic film layers and design versatility to vinyl flooring making
it more consumer-friendly and indistinguishable from natural materials, such as
premium stone finishes and rich wood floors. Availability of vinyl flooring in
different shapes, sizes, colors, and patterns makes it suitable for decorating
and renovating homes. Growth in number of renovation projects also contributes
to the growth of the vinyl flooring market.
Vinyl sheet &
composite vinyl tile is composed of binder, fillers, and pigments. The binder
consists of one or more resins of poly (vinyl chloride), or vinyl chloride
copolymers, or both, compounded with suitable plasticizers and stabilizers. Due
to the versatility of its graphic layer, vinyl sheet & composite vinyl tile
provides superior design capabilities as compared to other traditional
materials such as wood, marble, and concrete. In addition, these tiles are
durable and withstand heavy settings, thus replacing traditional materials and
making it most popular option for commercial flooring.
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Hence, the growth in
demand for vinyl sheet and composite vinyl tile in commercial sectors, such as
office, retail, hospitality, sport, and others increases the demand for vinyl
flooring. Owing to the adverse effects of chemicals such as volatile organic
compounds (VOCs) on environment and human health, leading health, environmental
justice, and health-impacted organizations such as United States Environmental
Protection Agency (EPA), U.S. Department of Agriculture (USDA), and National
Sanitation Foundation (NSF) have drafted stringent regulations on the usage of
vinyl, which hampers the growth of the market. Nevertheless, owing to rise in
investment in real estate and high disposable income of consumers, there is an
increase in the need for better infrastructure. This further fuel the demand
for vinyl flooring in the market.
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Key Findings of the
Vinyl Flooring Market:
- The
vinyl sheet & vinyl composite tile segment was the highest contributor
to the market in 2016, and is projected to grow at a CAGR of 12.4%.
- Luxury
vinyl tile (LVT) is expected to growth at the highest CAGR of 14.1% from
2017 to 2023.
- Asia-Pacific accounted
for less than half of the share in the global vinyl flooring market in
2016 and is projected to grow at a significant CAGR of 13.8%.
- In
2016, China accounted for the highest market share accounting
approximately for three-fifths in Asia-Pacific.
- In
2016, residential end-user segment generated the highest revenue and is
expected to grow at a significant CAGR of 13.7%.
In terms of
value, Asia-Pacific and LAMEA collectively contributed more than
three-fifths share in the global market in 2016.
The key players
operating in vinyl flooring market are Armstrong World Industries, Inc.,
Berkshire Hathaway Inc., CBC Flooring, Congoleum Corporation, Forbo Holding AG,
Tarkett S.A., Mannington Mills, Inc., Mohawk Industries, Inc., Gerflor SAS, and
IVC Group.
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About Allied Market Research:
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to make strategic business decisions and achieve sustainable growth in their
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including Life Sciences, Consumer Goods, Materials & Chemicals,
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Semiconductor & Electronics, Automotive & Transportation, ICT &
Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with
various companies and this helps us in digging out market data that helps us
generate accurate research data tables and confirms utmost accuracy in our
market forecasting. Each and every data presented in the reports published by
us is extracted through primary interviews with top officials from leading
companies of domain concerned. Our secondary data procurement methodology
includes deep online and offline research and discussion with knowledgeable
professionals and analysts in the industry.
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